Makeup has been altering and enhancing appearances of both women and men for centuries. The human race has been formulating various products like lipstick and powder that has dated back to ancient Egypt and the Renaissance.
At present, multiple entrepreneurs have been thriving in the modern day make-up industry due to its high demand. The global make-up market is estimated to reach a market worth of $85 billion by 2024.
The success of the industry owes it to the high demand for everyday makeup products like foundations, bronzers, lipsticks, concealers, eyeliners, and mascaras. Although the makeup industry is highly in need, it takes a lot of wits and useful strategy to be able to attain success.
Businesses in the makeup industry have come a long way since Max Factor, the first entrepreneur to invent modern day makeup in 1909. In 1915, another businessman, Thomas Lyle Williams, emerged in the cosmetics market by developing mascara from coal dust and Vaseline.
At present, Williams’ Maybelline Company has a wide array of well-known beauty products, ranging from mascaras to lipsticks, and others. Makeup also marks the history of female entrepreneurs. Madam C.J. Walker was the first black businesswoman in the US. Walker was also the first female self-made millionaire who built her success upon beauty products for black women.
This day and age, current and aspiring entrepreneurs must know the various ways they can be successful in the makeup industry. First, they must educate themselves about the statistics in the market.
Current demands, trends, and behavior of target markets are priorities in this step. Contemplating strategies is the next step that entrepreneurs should make. They must always aim to bring forth products that are new, unconventional, and practical to entice the consumers.
Business individuals must consider focusing on current statistics to help them understand their market better. An example is makeup beating skincare.
Skincare products are in demand since 2012, due to the growing importance of digital image while looking natural. However, the trend changed after a few years.
The high demand for makeup is driven by the growth of smartphone technologies and various social media platforms. Unlike skincare, makeup is primarily about color and being creative. Brands and products flourished due to many trends booming on social media.
Entrepreneurs must then create or put their plans into action. After doing thorough research and coming up with a blueprint for the products, they must then project it.
An example of which is the makeup and skincare hybrid. Cosmetic entrepreneurs have learned that most of the aging population wants makeup that would give them youthful skin, and they also discovered that the younger generations prefer makeup that would conceal and improve the health of their skin.
That is why manufacturers created the make-up and skincare hybrids. It aims to cater to the demand for color products with long-term benefits of pharmaceutical like skincare.
The last step is to market and sell the products. With the right marketing strategy based on the statistics that have been studied before creating the products, the business will be a hit.
People nowadays are socially aware and concerned about the environment. Products that are inclusive and cruelty-free or not animal tested are goods that modern people tend to lean on.
Inclusivity such as a line of foundation and concealers that have different formulations and shades for all skin types and skin tones are booming in the industry at present.
Marketing the products with inclusivity in the advertisements will help boost the trust of customers in the brand name. Ads that show people of color and people of different genders using the products will aid in building a good rapport among customers.